Common use of Servicing and Maintenance Standards Clause in Contracts

Servicing and Maintenance Standards. The Servicer shall (a) manage, service, administer and make collections in respect of the Transferred Environmental Control Property with reasonable care and in material compliance with applicable Requirements of Law using the same degree of care and diligence that the Servicer exercises with respect to billing and collection activities that the Servicer conducts for itself and others; (b) follow standards, policies and procedures in performing its duties as Servicer that are customary in the Servicer’s industry; (c) use all reasonable efforts, consistent with its customary servicing procedures, to enforce and maintain rights in respect of the Transferred Environmental Control Property; and (d) calculate Environmental Control Charges in compliance with applicable Requirements of Law, except where the failure to comply with any of the foregoing would not have a material adverse affect on the Issuer’s or the Indenture Trustee’s interest in the Transferred Environmental Control Property. The Servicer shall follow such customary and usual practices and procedures as it shall deem necessary or advisable in its servicing of all or any portion of the Transferred Environmental Control Property, which, in the Servicer’s judgment, may include the taking of legal action pursuant to Section 3.09 hereof or otherwise.

Appears in 4 contracts

Sources: Transferred Environmental Control Property Servicing Agreement (PE Environmental Funding LLC), Transferred Environmental Control Property Servicing Agreement (MP Environmental Funding LLC), Transferred Environmental Control Property Servicing Agreement (MP Environmental Funding LLC)

Servicing and Maintenance Standards. The Servicer shall (a) manage, service, administer and make collections in respect of the Transferred Environmental Control Property with reasonable care and in material compliance with applicable Requirements of Law using the same degree of care and diligence that the Servicer exercises with respect to billing and collection activities that the Servicer conducts for itself and others; (b) follow standards, policies and procedures in performing its duties as Servicer that are customary in the Servicer’s industry; (c) use all reasonable efforts, consistent with its customary servicing procedures, to enforce and maintain rights in respect of the Transferred Environmental Control Property; and (d) calculate Environmental Control Charges in compliance with applicable Requirements of Law, except where the failure to comply with any of the foregoing would not have a material adverse affect on the Issuer’s or the Indenture Trustee’s interest in the Transferred Environmental Control Property. The Servicer shall follow such customary and usual practices and procedures as it shall deem necessary or advisable in its servicing of all or any portion of the Transferred Environmental Control Property, which, in the Servicer’s judgment, may include the taking of legal action pursuant to Section 3.09 hereof or otherwise.

Appears in 4 contracts

Sources: Environmental Control Property Servicing Agreement (MP Environmental Funding LLC), Environmental Control Property Servicing Agreement (MP Environmental Funding LLC), Environmental Control Property Servicing Agreement (MP Environmental Funding LLC)

Servicing and Maintenance Standards. The Servicer shall (a) manage, service, administer and make collections in respect of the Transferred Environmental Control Property with reasonable care and in material compliance with applicable Requirements of Law using the same degree of care and diligence that the Servicer exercises with respect to billing and collection activities that the Servicer conducts for itself and others; (b) follow standards, policies and procedures in performing its duties as Servicer that are customary in the Servicer’s industry; (c) use all reasonable efforts, consistent with its customary servicing procedures, to enforce and maintain rights in respect of the Transferred Environmental Control Property; and (d) calculate Environmental Control Charges in compliance with applicable Requirements of Law, except where the failure to comply with any of the foregoing would not have a material adverse affect on the Issuer’s or the Indenture Trustee’s interest in the Transferred Environmental Control Property. The Servicer shall follow such customary and usual practices and procedures as it shall deem necessary or advisable in its servicing of all or any portion of the Transferred Environmental Control Property, which, in the Servicer’s judgment, may include the taking of legal action pursuant to Section 3.09 hereof or otherwise.. SECTION

Appears in 1 contract

Sources: Transferred Environmental Control Property Servicing Agreement